Textbook Notes (363,065)
Canada (158,171)
Business (2,364)
BU352 (267)
Chapter 9

BU352- Chapter 9 Notes.docx

4 Pages
Unlock Document

Wilfrid Laurier University
Hae Joo Kim

BU352 CH.9 NOTES – PRODUCT, BRANDING & PACKAGING DECISIONS Terms & Concepts Product Anything of value to a consumer. Can be offered through a voluntary marketing exchange. Product Assortment The complete set of all products offered by a firm. (Product Mix) Product Lines Groups of associated items (ie. Those that consumers use together or thing of as part of a group of similar products). Ex. Oral care, personal care, household care, fabric care, etc.) Product Category An assortment of items that the customer sees as reasonable substitutes for one another. (ie. Toothpaste, whitening products, floss, oral first aid) Brand The name, term, design, symbol, or any other features that identify one seller’s good/service over others. Product Line Aka variety. The # of product lines a firm offers. Breadth Product Line Depth The # of categories w/n a product line. (Ie. W/n Colgate-Palmolive’s oral care line, there are several categories: toothpaste, toothbrushes, kids’ products, etc.) Stock Keeping Units Individual items w/n each product category. (ie. Colgate-Palmolive offers 49 (SKUs) Colgate SKUs w/n its toothpaste category that rep. various sizes, flavours and configurations of Colgate Herbal White, Colgate Total, & Colgate Fresh Confidence) Category Depth The # of SKUs w/n a category. Brand Equity The value of a brand. Set of assets & liabilities linked to a brand that add to/subtract from the value provided by the product/service. Brand Awareness Measures how many consumers in a market are familiar w/ the brand & what it stands for. Created through repeated exposures of the various of brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm’s communications to consumers. Perceived Value The relationship b/w a product’s/service’s benefits & its cost. Brand Associations The mental links that consumers make b/w a brand & its key product attributes (ie. a logo, slogan, or famous personality). Associations w/ specific attributes help create differentiation b/w the brand & its competitors. Brand Personality A set of human characteristics associated w/ a brand, which has symbolic/self- expressive meanings for consumers. (ie. McDonald’s has created a fun-loving, youth-oriented brand personality w/ its golden arches, brightly lit & coloured restaurants, exciting & youthful packaging & advertising, and spokesperson & mascot Ronald McDonald, the clown) Brand Loyalty When a consumer buys the same brand’s product/service repeatedly over time rather than buying from multiple suppliers w/n the same category. Brand Ownership 3 types of strategies: - Manufacturer brands (National Brands) 1 - Private-label Brands (Store Brands) - Generic Manufacturer Aka National brands. Owned & managed by the manufacturer (ie. Nike, Marriott, Brands Mountain Dew, etc.). Allows manufacturers to: - Retain more control over their marketing strategy - Choose the appropriate market segments & positioning for the brand - Build the brand :. Creating their own brand equity Private-Label Aka Store brands. Brands developed & marketed by a retailer & available only Brands from that retailer. Generic A product sold w/o a brand name. typically in commodities markets. (ie. Unbranded salt, grains, produce, meat, nuts, etc. in grocery stores) Naming 3 strategies: Brands/Product - Corporate/family brands Lines - Corporate & Product line brands - Individual brands Corporate/Family The use of a firm’s own corporate name to brand all of its product lines & Brands products. When all products are sold under one corporate/family brand, individual brands benefit from the overall brand awareness associated w/ the family name. (ex. Gap Stores – Gap, GapKids, babyGap, GapMaternity, GapBody) Corporate and The use of a combo of family brand name & individual brand name to distinguish Product Line Brands a firm’s products. (ie. Kelloggs – Corn Flakes, Froot Loops, Rice Krispies, Pop- Tarts, Eggo, Cheez-It, Famous Amos, etc.) Individual Brands The use of individual brand names for each of a firm’s products. Allows a company to compete w/n one category offering a variety of products to different target markets. If one brand experiences problems, other products w/ unique brand names are protected from any –ve associations. (ie. Proctor & Gamble – Cheer, Tide, Gain, Downy, Febreze, Bounty, Charmin, Olay, Old Spice, Secret, Cover Girl) (ie. Loblaws operates under: Zehrs, Dominion, Extra Foods, No Frills, etc.) Brand Extension The use of the same brand name for new products being introduced to the same/new markets. (ie. Roots extending its brand from athletic clothes to leather bags, yoga wear, & accessories) ADVANTAGES:
More Less

Related notes for BU352

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.